BAKU, Azerbaijan, June 9
By Fidan Babayeva - Trend:
It is planned to implement projects in the field of microfinance in the liberated territories of Azerbaijan, Executive Director of the Azerbaijan Microfinance Association (AMFA) Jala Hajiyeva told Trend.
According to Hajiyeva, the country is working on the concept of several projects aimed at the development of microenterprises.
“It is planned to promote the activities of our member organizations in the direction of the development of microfinance in the country. Also, in order to increase financial inclusion in Azerbaijan, AMFA will work on the development of new services for its members,” Hajiyeva said.
“AMFA is implementing projects to increase financial inclusion, financial literacy for micro and small entrepreneurs. An example is the Sustainable Development of Women Entrepreneurs project, which is part of a broader program to promote the active and effective participation of civil society organizations in the design and implementation of the national agenda for achieving the gender-sensitive sustainable development goals and strengthening gender equality and the empowerment of women,” the executive director said.
Microfinancing was introduced in Azerbaijan in the mid-1990s to meet the economic needs of up to one million internally displaced persons and refugees who appeared following the [Nagorno-Karabakh] conflict. In 1996, the International NGO Group (INGO) began offering microfinance services to low-income communities and war-torn people to create income and employment opportunities. Informal meetings began to be held to exchange business experience and remove restrictions on the provision of loans at interest rates.
In December 2001, the members of the INGO decided to officially register the group as an association that will act as a focal point for microfinance in Azerbaijan.
